Offering lower on an OIEO listing

[OpthalmosVerde]

What are people’s thoughts on this?

In general, and also more specifically. The property we are looking at is a 3 bed, but listed at the same price as nearby 4/5 beds in better state of repair. It was already dropped 8% from an initial very optimistic listing price (IMO). We would be willing to pay a further 5% less than current listing, as a maximum.

I think the initial optimistic listing comes from next door being sold over the odds a few years ago, but looking at the surrounding streets as a whole, that sale is an outlier, next door is a 4 bed with additional other rooms & again much better state of repair. Has been on the market since September and price was dropped a month later.

The only thing that is putting me off viewing is that it is listed as OIEO and we would not be willing to meet that, for this house, due to the money needing spending on it. If it was listed without the OIEO tag I wouldn’t hesitate to view. I do like it.

[Foggyday124]

My agent once told me that OIEO houses never receive OIEO!

[CodenameVillanelle]

Why not? They can only say no

[Smallgoon]

I offered less on an OIEO which was accepted.

[BrieAndChilli]

I’d just got for one of the bigger 4 bed houses that are ok for the same price!!

[OpthalmosVerde]

That’s a fair point Brie!

I’m a fussy cow and the ones that are done up nicely, are lovely, but I feel like I’d be moving into someone else’s house, so I want a scruffbag doer upper to make it my own, do the renovation exactly to my taste etc. I don’t want to spend my life thinking “if I’d done this, I’d have done XYZ”.

There’s other properties on our radar as well. I think we will try to view and see how we feel once we’ve seen it.

[LolaSkoda]

I ignore OIEO. Bought my current house for 20k below their price.

I wouldn’t worry about offering what your fair price is. It’s up to them whether they choose to accept it! The risk for you is getting the good feelings from a house and then feeling gutted if they don’t accept a lower offer.

[OpthalmosVerde]

The risk for you is getting the good feelings from a house and then feeling gutted if they don’t accept a lower offer.
Yeah, that’s always a risk, but there are lots of houses out there. I’m trying to cultivate a mindset of looking for potential not perfection and hoping then I won’t get my heart broken because there is always somewhere else.

Seems the consensus is ignore the OIEO and consider it the same as a house listed without that tag! Just makes me think the sellers might be awkward buggers.

[GreyGardens88]

What does OIEO mean?

[OpthalmosVerde]

Offers In Excess Of

[Shinesweetfreedom]

Could you not sound out the estate agent and tell him what you know about other house price sales and that you know it is overpriced and the rough figure you would go to.
He might surprise you with information that oh yes they will now accept a drop,or he could.say no.

[Nattyjackie]

OIEO always makes me roll my eyes inwardly. You put it on for a price and then negotiate from there. OIEO makes it a guessing game which makes me think they are fishing. Our EA advised against OIEO as people just ignore it anyway.

Offer what you think is the right price and they either accept or they don't.